Murphy to take over some Shell oil assets in Alberta

Murphy to take over some Shell oil assets in Alberta

Murphy Oil Corp on Tuesday agreed to buy Royal Dutch Shell Plc’s interest in oil properties in the Seal Lake region of northern Alberta for an undisclosed price as the company looks to sell high-profile assets in Canada.

Murphy said the acquisition will add 2,200 barrels of oil equivalent per day from 14 million barrels of reserves and include nearly 150,000 acres of exploration lands.

The agreement will see Murphy boost its production in the Seal Lake heavy oil region to over 9,000 boepd and boost its land holdings to 331,000 acres.

The agreement comes despite the El Dorado, Arkansas-based company’s decision last month to consider the sale its 5 percent stake in the Syncrude Canada Ltd oil sand project and its natural gas assets in the prolific Montney shale field of northeastern British Columbia.